Property Choices
Classic romantic villas and small intimate bungalows are two of the choices that Cyprus offers those who have decided to settle on the island. There are also apartments available, but these would be the most basic of lodgings and truthfully, with property prices being what they are on the island, it would almost be a shame not to buy if able. While apartments and condominiums afford the investor the ability of not having to worry about maintenance costs, there are other options to think about before making a final commitment.
Buyers looking to be away from the hustle and bustle of the major Cyprus cities have the option of looking for villas in the small communities that are scattered all over the island. They come from small to large enough to be considered a mansion somewhere else in the world. Some are what are called ‘binary villas’, two homes attached by a single common wall with its own space, utilities, and conveniences. Villas can be purchased or rented, and many of the older ones have established gardens with flowering and productive fruit and olive trees that will provide their new owner with homegrown treats.
Single family homes are also found everywhere one looks across the island nation. While they are also known as villas in the Mediterranean, all of the same modern necessities can be found in both. The biggest differences between the two are single-family homes are commonly newer, smaller, and less established yards and grass. The housing prices have new homes a dream come true for a lot of people who may never have had the opportunity before.
A vacation home does not need to be large and if the investor knows they will not spending a lot of time at it even while on the island, but do not want to deal with an apartment or condo, a bungalow is a fine option. They can be purchased or rented, come furnished or empty, and most of the time is built in and around a private complex that offers amenities such as swimming pools, play areas, private gardens, and weight rooms. Depending on where the complex is built in conjunction to the coast could determine if there are sea based activities offered through the complex, such as private jetties, scuba lessons, and fishing trips.
Investors do not need to purchase new homes if they don’t desire it. There are many villas and single family homes that have faced foreclosures or need renovation that could save the purchaser a substantial amount of money on the initial investment, money that could be better put to use restoring the property they just purchased.
Renovation is still fairly new across the island, but investors who are looking for an old world feel to their home can find it in the many older houses that are for sale. Some of the villas and homes have a history attached to them that may have something to do with the small village or town they reside in. Unfortunately, as the population of Cyprus grows older, many of theses places become too big to handle, especially if they have established and well appointed gardens filled with fruit, olive, carob and palm trees. If the villa or house is on a piece of agricultural property, the fields may be fertile for harvesting. Many local artisans use reeds, wheat, and other grains to make their crafts with and may be interested in buying what is on the land.
The purchase of these unique villas also encourages revitalization of the smaller communities and towns across the island that may not get as much tourist trade as the bigger cities, if they get any at all. While still being within driving distance of the larger areas, a smaller village still has their own shops as well as offers the investor the chance to boast the economy by purchasing local goods. It also helps save money on taxes that are imposed on imports.
Some of the most beautiful property on the island has fallen into neglect because people are interested in the new and improved. These properties sell for ridiculously low prices simply to get them out of the previous owner’s hair. Granted, they may require some work to bring them up to code of make them livable again, but if the structure is sound and the foundation firm, it’s worth it to restore the home to its original old world charm.
Since many of the properties come with substantial amounts of land, business investors have begun to renovate what was once a single family home into something more. Bed and Breakfasts’, specialty boutiques, and mini spas have all been popping up over Cyprus. Theses properties offer opportunities that are only limited by the business owner’s imaginations. Investors can also receive additional tax breaks and monetary incentives by developing the renovated property into something that is appealing to the many tourists that travel the island and promotes the many handicrafts that are produced there.
The end results of renovation work are always worth it and something any investor should take pride in. Ambitious people will take the time to research what the property may have looked like in the past and set out to redo it exactly the same way, from the roofing tiles to the color paint in the rooms to the stove in the kitchen. A few villages across Cyprus have done exactly that, mixing the historical look of the town with the modern conveniences needed to get on in this world. It is definitely something any property investor should consider if purchasing a renovation property.
Prices will vary on villas, single family homes, and bungalows. Investors should know what they wish to accomplish with the property in order to know what to buy. Good investors will ask questions and leave no stone unturned when it comes to the purchase of their new Cyprus property.